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March soybean futures fell 40.5 cents on the week to their lowest settlement since early January as improved rain was forecast for dry southern Brazil. March soymeal and soyoil also declined, and March SRW and HRW wheat hit their lowest closes in about three months.
Expected rain in South America reduces the risk to Brazilian and Argentine soybean output, pulling down soybean, meal, oil and wheat prices. Weekend weather will decide near-term direction.
profarmer.comPro Farmer EditorsJan 15, 2022After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
After 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
March soymeal declined along with soybeans on improved rain forecasts for southern Brazil, setting up the selling early in the window.
